Symbotic (NASDAQ:SYM) Stock Price Down 2% on Insider Selling

Symbotic Inc. (NASDAQ:SYM)’s stock price traded down 2% on Wednesday after an insider sold shares in the company. The stock traded as low as $35.40 and last traded at $35.45. 174,752 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 1,375,169 shares. The stock had previously closed at $36.19.

Specifically, major shareholder David A. Ladensohn sold 50,000 shares of the stock in a transaction on Friday, May 24th. The shares were sold at an average price of $40.89, for a total value of $2,044,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder David A. Ladensohn sold 50,000 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $40.89, for a total transaction of $2,044,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael David Dunn sold 1,200 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $44.02, for a total transaction of $52,824.00. Following the sale, the insider now owns 70,832 shares of the company’s stock, valued at approximately $3,118,024.64. The disclosure for this sale can be found here. Insiders sold a total of 149,958 shares of company stock worth $5,965,792 over the last quarter. 38.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on SYM shares. Northland Securities raised their price target on shares of Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 price target on shares of Symbotic in a research report on Tuesday, May 7th. Craig Hallum raised their price target on shares of Symbotic from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Robert W. Baird raised their target price on shares of Symbotic from $52.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, May 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Symbotic from $57.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $57.00.

Symbotic Trading Down 2.3 %

The firm’s 50-day moving average is $39.19 and its 200 day moving average is $42.79.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, May 6th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.25. The firm had revenue of $424.30 million for the quarter, compared to the consensus estimate of $415.98 million. Symbotic had a negative net margin of 1.27% and a positive return on equity of 5.27%. Analysts predict that Symbotic Inc. will post -0.07 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SYM. LPL Financial LLC lifted its position in shares of Symbotic by 578.0% during the 3rd quarter. LPL Financial LLC now owns 102,059 shares of the company’s stock valued at $3,412,000 after acquiring an additional 87,006 shares during the period. Natixis Advisors L.P. acquired a new position in shares of Symbotic during the 3rd quarter valued at $352,000. Adage Capital Partners GP L.L.C. acquired a new position in shares of Symbotic during the 3rd quarter valued at $3,147,000. Willis Johnson & Associates Inc. acquired a new position in shares of Symbotic during the 4th quarter valued at $257,000. Finally, SG Americas Securities LLC acquired a new position in shares of Symbotic during the 4th quarter valued at $136,000.

About Symbotic

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.